Benchmark indices Nifty 50 and Sensex opened the session on March 12 with mild gains, hovering close to the flatline, as caution gripped the global sentiment.

At 09:22 am, the Sensex was up 103.72 points or 0.14 percent at 74,206.04, and the Nifty was up 8.65 points or 0.04 percent at 22,506.55. About 1,713 shares advanced, 848 shares declined, and 130 shares unchanged.

In the broader markets, the midcap and smallcap indices wiped away all their opening gains to tumble to the flat mark, while the sectoral indices traded mixed. IT stocks bore the brunt of the selling, as international brokerage Morgan Stanley sounded caution, given macro uncertainties and technology evolution.

Offering a silver lining to beaten down investors, V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, “Even in this negative backdrop, the Indian equity market is showing some resilience. The fact that despite the sharp correction in US markets yesterday, Nifty recovered about 150 points from the lows and closed in positive territory, is an indication of the recent resilience and outperformance of the Indian market.”